The Role of Generative AI in Transforming the Financial Industry
Artificial Intelligence (AI), particularly Generative AI (GenAI), has rapidly emerged as a disruptive force in the financial services industry. Financial institutions globally are integrating AI-driven solutions into their operations to enhance efficiency, decision-making, and customer experience. According to a recent PwC India report , nearly 90% of financial institutions are focusing on AI and GenAI for innovation, underlining the growing importance of these technologies in reshaping the sector. The applications of AI in finance span across various areas like risk assessment, fraud detection, credit scoring , and algorithmic trading . In this blog, we’ll explore the top use cases of AI in finance, how GenAI is driving innovation, and why businesses must adopt these technologies to stay competitive in an increasingly digitized world. 1. Synthetic Data Generation One of the most crucial applications of Generative AI in finance is synthetic data generation . Financial institution...